APA- Abidjan (Côte d’Ivoire) The Ivorian government on Friday adopted a draft law on the ratification of the Convention on the Statute of the African Guarantee and Economic Cooperation Fund (FAGACE), signed on July 15, 2005 in Cotonou, APA noted in Abidjan.
“The bill authorizes the President of the Republic to ratify the Convention on the Statute of the African Guarantee and Economic Cooperation Fund (FAGACE), signed on July 15, 2005 in Cotonou,” announced government spokesman Amadou Koné, Minister for African Integration.
According to Mr. Koné, this draft ratification law will enable the institution to operate normally, given the weight of “our country, which ranks second in terms of interventions by the Fund, and will help us to obtain substantial financing from the private sector”.
The purpose of the Fund is to guarantee, under certain conditions, loans contracted by any member state, any dismemberment of a member state and by any public or private investor from one or more member states to finance financial, industrial, agricultural, commercial and infrastructure projects that are financially and economically profitable.
Under certain conditions, the Fund grants interest subsidies and extended repayments on loans, finances borrowing and subsidy operations, acquires stakes in national companies, and mobilizes and manages resources.
LS/mn/APA
Member countries : Côte d’Ivoire
